In a challenging economy, the key is not to panic and slash marketing spend. That will not pay dividends over the long term and is also likely to undo a lot of previous good work. Successful marketing requires frequency and consistency of message and should be seen as an investment, not a cost. Instead of cutting, find new ways to make marketing work more effectively.
• Reinforce the value you add: In tough times, customers will analyse buying decisions more closely, but are not necessarily just looking for the lowest price. Companies must tailor marketing messages to define and emphasise where they add value because, in times of uncertainty, most organisations are more likely to stick with companies that have provided them with consistently high levels of service and the better it is, the harder it will be for competitors to lure your customers away.
• Make the most of existing customers: A change in marketing strategy to focus on drawing greater value from current clients can be more effective than putting all your efforts into finding new ones. Build and emphasise loyalty programmes that reward customers for repeat business or spending. Send them letters or emails reinforcing their value to your business and back that message with purchase-linked rewards.
• Plan proactively: Ensure you have a marketing strategy with defined objectives, but that can adapt to changing market conditions. Create compelling business cases for each element of your marketing spend and demonstrate a healthy return on investment for each activity, be it an uplift in website traffic, direct response, reputation enhancement or lead generation.
• Exploit digital media: Look at your website content and, better still, your competitors to see what kind of things they are doing to attract customers. Search engine and email marketing and other web based approaches are all highly measurable and when times are tough, it’s especially important to quantify results.
• Integrate channels to increase customer engagement: Integrating your marketing across all available media channels, resources and customer touch points creates a whole that is greater than the sum of its parts ensuring greater frequency and consistency of message.
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